in
Will ElderShield premiums increase due to the increase in GST?
moh
ElderShield premiums are inclusive of the prevailing GST rate.
In Budget 2022, the Minister for Finance announced that the GST rate will be increased from 7% to 8% with effect from 1 January 2023 and from 8% to 9% with effect from 1 January 2024. As GST is levied on ElderShield premiums at the prevailing GST rate, the premiums will increase accordingly.
The new ElderShield premium rate table (for policy periods on or after 1 Jan 2023) can be found on CPF website, under ElderShield premiums table.
This information provided here is sourced from the MOH website.
Let other citizens know if this answer was helpful
Did this answer your question?Related Questions
Will CareShield Life premiums increase due to the increase in GST?
from MOHWhat is the rationale for imposing Goods and Services Tax (GST) on ElderShield premiums?
from MOHWill MediShield Life premiums increase due to the increase in GST?
from CPF
Are the increases in CareShield Life payouts and premiums fixed at 2% annually?
from MOH
Can’t find what you’re looking for?